DVC Right of First Refusal Report (ROFR): April ’20 Report

Year-to-date (YTD), Disney exercised their right of first refusal (ROFR) on 62 Disney Vacation Club (DVC) contracts, and DVC Resale Market (DVCRM) sold 1,247, resulting in a 5% buy back rate (Contracts Bought Back in 2020/Contracts Sold in 2020). The 2020 waiver rate was 95%.

Buy Backs Come to a Screeching Halt

DVCRM had zero buy backs for the entire month of April.  The last buy back we observed was on March 30th.  Even the later weeks of March were busy with buy backs despite Disney Parks already being shutdown.  However, the direction dramatically changed in April.  This is not entirely surprising given the Walt Disney Company had to raise almost $6 billion in debt as its cash flow position has been strained due to the impacts from COVID-19.

It’s likely May will be similar to April in regards to buy backs as the Disney Parks and Resorts in the US will almost certainly not even partially re-open until June at the earliest. Even after partial openings start, cash flow could remain tight, and buy backs may continue to be few and far between.  For buyers looking to avoid ROFR, especially on certain resorts that have historically had high buy back potential, now is a great time buy.

Highest Monthly Buy Back Numbers by DVC Resort

The DVC Resorts that have experienced buy backs YTD are as follows: Old Key West, Animal Kingdom, Beach Club, Grand Californian, Bay Lake Tower, Boardwalk, Saratoga Springs, Vero Beach and Boulder Ridge.

Highest Buy Back Price Per Point by Resort from April ’19 to April ’20

What is Right of First Refusal (ROFR)?

For those new to the concept, Right of First Refusal is the option Disney Vacation Club has to purchase any resale contract after a sales price has been agreed upon, and the contract has been executed. Each contract must be forwarded to DVC for review.

DVC typically takes no more than 30 days to review the contract. At their discretion, Disney may step in and purchase the property themselves at the terms agreed upon by the seller and original buyer. DVC then becomes the Buyer, and the purchase is complete. Once DVC is the buyer there is not an opportunity to come back with a better offer in hopes of still purchasing the contract.

Disney Vacation Club Resort Contracts Bought Back in 2020

Please refer to the graph below for the total amount of buy backs at each DVC resort for contracts sold by DVC Resale Market in 2020:

Buy Back Rates for Disney Vacation Club Resorts in 2020

The table below shows the percentage of buy backs for all 9 different resorts that have had at least one contract bought back YTD. Note, there were no buy backs of the following resorts in January through April: Aulani, Grand Floridian, Hilton Head, Polynesian, Riviera Resort, and Copper Creek.

Resort Buy Backs Number Sold Percentage Bought Back
Animal Kingdom 21 206   10.2%
Bay Lake Tower 4 114   3.5%
Beach Club 2 40   5.0%
Boardwalk 3 70   4.3%
Boulder Ridge 2 26   7.7%
Grand Californian 3 25   12%
Old Key West 24 109   22%
Saratoga Springs 1 213  <1%
Vero Beach 2 40   5.0%


Access all DVC resale listings and learn more about buying and selling with DVC Resale Market.


  • Frank G
    May 4, 2020

    Your numbers are incorrect. Resale for Animal Kingdom 21 buybacks and 206 sold is just over 10%(not 5.2%). Otherwise, thank you for this information each month. Especially during these difficult days, we live in NYC and can use the DVC info to forget whats happening in the real world.

    • Nick Cotton
      May 4, 2020

      Frank – thank you for pointing this out. This error has been corrected. Stay safe and we appreciate you reading our blogs!

  • Matt
    May 3, 2020

    Another pretty plausible reason for the lack of buy back is the fact that their sales agents are furloughed. Doesn’t make much sense to buy when your don’t have a sales team telling you what customers are requesting.

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